Surety Bonds

for Bradenton, Sarasota, Lakewood Ranch and Beyond

What You Need to Know

A Surety Bond (insurance policy) is a written contract among at least three parties that promises an obligee (recipient of an obligation) that the principal (primary party performing the obligation) will perform the contractual obligation. The principal is responsible for taking out a surety to assure the obligee.

Contract/Construction Bonds

Contract/Construction Bonds guarantee a contract for construction, service or supply of goods will be completed. This assures the obligee that a project will be completed by the surety if the principal fails to do so.

Examples: Bid, Performance, Payment bonds, etc.

Commercial Bonds

License/Permit Bonds are required for business owners in certain industries before they can be legally licensed by government agencies.

Court Bonds are required at significant points in the litigation process. The Bond protects the opposing party from loss suffered as a result of the court’s having temporarily granted a specific privilege.